First Amangiri Villas Hit The Market

I first wrote about Amangiri, the second U.S. offering from AmanResorts (the other, the Amangani, is in Jackson Hole, Wyoming) way back in 2005. Now three years later the first eight villas in the Lake Powell area of Southern Utah, are hitting the market at a very hefty $7 million each. The first eight are part of a total of 31 villas being created by the resort's developer, Canyon Group. The Amangiri Resort is scheduled to open at the start of 2009. The villas sit on private home sites that range from 1.3 to 10 acres and are designed to blend into the landscape. They feature multiple pavilions around a central swimming pool and firepit and each villa also incorporates a unique signature feature, such as an arroyo meditation platform. Can the struggling Southwest real estate market support this type of high-end real estate? Three years ago it seemed like a great idea, now it's less of a sure thing.